Technology Trends for Business in 2018
Technology and business are virtually inseparable. Already, most small and medium enterprises as well as big corporations are using technology in almost all aspects of their operations. Embracing technology is no longer optional if you want to improve your business’s efficiency or lower cost of production.
There are too many technological trends that, as a business owner, you are probably unsure which one you should embrace. We have analysed a few of the trends that you should consider in 2018.
Artificial intelligence is still an unfamiliar concept to most people worldwide. Even technological experts are not sure exactly what AI has to offer humanity as a whole. In the same way, many business people and managers do not know how to utilise the technology in their businesses in a way that it gives them an edge over their competitors. However, companies whose managers are not afraid to take risks are already embracing the technology and so should you.
Many business operators that are using AI are already reporting huge benefits over those that are yet to. It is projected that in the next five years, starting 2018, AI will significantly affect various industries. Of these, the telecommunication industry is expected to be the most affected. Artificial Intelligence will also revolutionise how businesses interact with their customers. Companies will benefit greatly from the precision of AI in analyzing markets and thus new ventures much more profitable.
It is therefore clear that Artificial Intelligence will be a big thing in business in 2018 on wards. In fact, many of the other trends in this article are connected to AI in one way or another. As such, whether you are looking to streamline your organisations operations or venturing into new territories in 2018, you cannot afford to ignore Artificial Intelligence.
Most businesses are still in the process of embracing cloud technology but there are some that are already moving to something expected to be even better – edge computing. The migration to Edge Computing has been necessitated by the huge amount of data that is being processed by businesses today.
The sheer speed of Edge Computing gives it an edge over Cloud Computing. As more business operations are getting done through internet, the speed is going to be the major consideration for many companies. Edge Computing is offering almost instantaneous responses and processing of data. Therefore if your business involves a lot of online data processing, Edge is a viable option for you in 2018. However, the cloud is still expected to be a force to reckon especially in processing the most important and sensitive data.
You probably heard of blockchain through Bitcoins and other cryptocurrencies. If so, you’re not alone. More and more people are getting curious and researching about blockchain. In fact, according to Gartner blockchain was the second most-searched term in 2017. As the general population gets to learn more, blockchain will start to be applied in various other operations.
Although it has had a slow start, the blockchain technology is expected to make its mark in business in 2018 and only move upwards from there. It is a no-brainer that the financial industry is expected to be the first to be impacted significantly. However, it has massive potential that can be utilised in governments, healthcare and other business operations.
If you are willing to invest in a long-term technology, you may want to try blockchain. However, make sure you understand how the technology works and beware of fraudulent vendors.
Big Data Analytics
This is yet another aspect of business that has been necessitated by the huge amount of data being produced by integration of internet in the operation of businesses. Big data analytics will therefore be a big thing in 2018 as companies seek to utilise the information to better their businesses.
Artificial Intelligence will play a big role in this data analytics although not entirely. The improved and more efficient data analytics will change the quality of products and services to suit the needs of clients. The interaction with clients is also expected to be more personalised and precise as a result. As such, businesses can utilise the insights from data analysis to guide its operations, attract and retain clients and even in making inter-organizational partnerships.
Technology keeps conquering more and more aspects of businesses each year and 2018 is no different. Artificial Intelligence will have the biggest impact if businesses are willing to embrace it. Already, many business operators say that they wouldn’t mind delegating the redundant activities to AI.
Beyond AI, there are many more technological tools that can be utilised by most businesses. However, these tools will not give you an edge over your competitors even in 2018 if you don’t customise them to suit your operations.